[单选题]Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.

正确答案 ：E

Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0% (interest free) finance

解析：

The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.

[单选题]In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.

正确答案 ：B

The estate income is not taxable

[单选题]The following statements have been made about life cycle costing:

正确答案 ：G

(iii) only

解析：

All of the statements are false except statement (iii).

[单选题]8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R as a partner. P

guaranteed that R’s profit share would not be less than $25,000 for the six months to 31 December 2004. The profitsharing arrangements after R’s admission were P 50%, Q 30%, R 20%. The profit for the year ended 31 December 2004 is $240,000, accruing evenly over the year. What should P’s final profit share be for the year ended 31 December 2004?

正确答案 ：B

$139,000

解析：80,000 + 60,000 – 1,000 = 139,000

[单选题]C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective is to maximise profit, the shadow price of material B is $2 per kg. The following statements have been made:

正确答案 ：I

(i) and (iv)

解析：

Statement (ii) is wrong as it reflects the common misconception that the shadow price is the maximum price which should be paid, rather than the maximum extra over the current purchase price.

Statement (iii) is wrong but could be thought to be correct if (ii) was wrongly assumed to be correct.

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